EquityPandit’s Outlook for Nifty Bank for the week (July 15, 2019 – July 19, 2019)
NIFTY BANK Index closed the week on negative note losing –874.35 points -2.78%
Weekly High: 31370.40
Weekly Low: 30346.70
Weekly Close: 30601.45
RESISTANCE 2: 31797
RESISTANCE 1: 31199
SUPPORT 1: 30175
SUPPORT 2: 29749
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30450 levels, whereas minor resistance on the upside is capped around 30750-30770 levels.
If NIFTY BANK index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 30200 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 31000.
Currently NIFTY BANK index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 31000 on upside and 30200 on downside.